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ADLER Real Estate AG: Strategic and financial targets reached
DGAP-News: ADLER Real Estate AG / Key word(s): Final Results
26.03.2018 / 07:30
The issuer is solely responsible for the content of this announcement.
Financial year 2017: Strategic and financial targets reached
- Net rental income net of the ACCENTRO sale increased by 5.8 percent to EUR 170.3 million
- FFO I grew by 48.5 percent to EUR 40.5 million
- EPRA NAV net of one off items grew by 14.1 percent to EUR 1,207.2 million
- Loan-to-Value was lowered to 59.4 percent
- Further growth of c. 20% through acquisition of Brack Capital Properties
Berlin, 26 March 2018 - ADLER Real Estate AG, Berlin successfully reached its main financial targets in 2017. "Strategically", said Tomas de Vargas Machuca, Co-CEO of ADLER Real Estate AG, "we wanted to significantly improve our operational performance by insourcing property and facility management, significantly reduce our higher-interest liabilities and continue to grow our portfolio through selective acquisitions - targets which we have fully achieved during the year. Moreover, we also streamlined our business model by divesting our trading unit ACCENTRO at the end of the year. These achievements contributed to us reaching our financial targets, especially in regards to our efforts to improve our rating from the original BB- to a BB/positive outlook."
Net rental income net of disposals increased by 5.8 percent
Net of expense items, earnings from property lettings amounted to EUR 125.8 million in 2017, 15.4 percent more than in the previous year (EUR 109.0 million).
Funds from Operations I (FFO I) grew by 48.5 percent
EPRA NAV net of disposals up by 14.1 percent
Income from fair value adjustments increased
Loan-to-Value at 59.4 percent
Substantial EBIT growth
Further growth through acquisition of Brack Capital Properties
Tomas de Vargas Machuca and Maximilian Rienecker Co-CEO's concluded: "Brack Capital will be a great supplement to our business and we are happy that the Special Tender Offer has been successful. This transformational acquisition is consistent with all the other measures we have taken recently to improve our business both operationally and financially with the clear target of receiving an investment grade rating in the near future."
The complete annual report of ADLER Real Estate AG for the financial year 2017 is available on the company's website (www.adler-ag.com).
Your contact for enquiries:
Dr. Rolf-Dieter Grass
Key financials 2017
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|Company:||ADLER Real Estate AG|
|Joachimsthaler Straße 34|
|Phone:||+49 30 398 018 10|
|Fax:||+49 30 639 61 92 28|
|ISIN:||DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02|
|WKN:||500800, A14J3Z, A1R1A4, A11QF0|
|Indices:||SDAX, GPR General Index|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|